a.s.r. real estate

Convenience and sustainability to drive future of retail

he redevelopment of a large shopping centre in Middelburg, an asset that is part of the ASR Dutch Prime Retail Fund, is expected to reduce energy consumption from 345 kWh to 138 kWh per sq. m. This is enough energy to power 300 homes, and represents a step towards a Paris-proof convenience portfolio.

In the past, the ASR Dutch Prime Retail Fund explained in this newsletter the view on the ownership of operational shopping centre management and solitary high street retail. Now it is time to focus on the area, which has the potential to contribute the most to reducing energy consumption. Shopping centres and solitary supermarkets are large energy consumers because they rely on consumer cooling and freezing installations. They therefore have the biggest potential for reducing energy consumption. This article will highlight the case of a large supermarket and a shopping centre in Middelburg.

The asset in Middelburg was outdated, having been built in the 1970s as a Trefcenter, a supermarket operator at that time. Albert Heijn, the current tenant of the shopping centre, opted out of the master lease contract and sought a new lease following improvements to the shopping centre. As the owners of the property, a.s.r. real estate and the ASR Dutch Prime Retail Fund saw an opportunity to update the shopping centre. From the outset, it was clear that all parties had an ambitious redevelopment in mind, which would make sense not only from a commercial perspective, but would also greatly improve the sustainability performance of the property.

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Artist impression Middelburg - interior
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Artist impression Middelburg - exterior

The challenge of creating a ‘Paris-proof’ asset

Together with adviser DGMR, the tenant Albert Heijn and the landlord a.s.r. real estate investigated the environmental and energy impact of several changes to the property. VOCUS, the architect, used these adjustments as a framework for developing a ‘Paris-proof’ asset. Most savings were achieved through new (climate) installations, the installation of LED lighting, solar panels, improved and renewed insulation and natural ventilation and lighting. As a result, energy consumption is expected to be reduced from 345 kWh per sq. m. to 138 kWh per sq. m., resulting in the saving of over 1,000 MWh per year. This saving is the equivalent of the household consumption of over 300 average residential units.

Improved tenant and consumer satisfaction

The property is currently still undergoing redevelopment, but the solar panels and the renovated property are expected to be operational by the middle of next year. This will contribute to the Fund’s CSR targets by enhancing the building’s energy label, reducing energy consumption, adding to local energy production and improving tenant (and consumer) satisfaction.

For more information on the ASR Dutch Prime Retail Fund, please contact Edwin van de Woestijne or Luc Toren:

Edwin van de Woestijne
fund director
ASR Dutch Prime Retail Fund
M: +31 (0)30 257 26 54
E: edwin.van.de.woestijne@asr.nl

Luc Toren
fund manager
ASR Dutch Prime Retail Fund
M: +31 (0)6 53 31 16 80
E: luc.toren@asr.nl